The Roadmap to Success in Today's Housing Market: Insights for Buyers and Sellers

Lisa Mailhot  |  October 17, 2023


The Roadmap to Success in Today's Housing Market: Insights for Buyers and Sellers


The housing market is in flux, with potential home buyers and sellers closely monitoring the latest developments. In September 2023, pending home sales have dropped by a significant 13% year-over-year, making affordability a growing concern for prospective buyers. Meanwhile, mortgage rates remain stubbornly high, prompting many to ponder when the right time to make a move might be.

Let's delve into the current state of the housing market, explore what buyers and sellers are doing in response, and provide valuable tips to help you navigate this challenging environment.

What Homebuyers Are Facing

Buyers are facing a challenging landscape, with monthly housing payments at an all-time high due to a combination of soaring home prices and near-record-high mortgage rates. According to recent data, U.S. home prices increased by 3% year over year during the four weeks ending September 17. This has resulted in a significant financial burden for those looking to purchase homes, pushing pending home sales down by 13% compared to the previous year.

Additionally, the total number of homes available for sale has decreased by 16%, as homeowners opt to stay put to maintain their relatively low mortgage rates. As a result, potential buyers are finding limited options in the market.

What Home Sellers Are Doing

There is a glimmer of hope for buyers, as a few more home sellers have entered the market recently. New listings have stabilized, showing a slight increase since the beginning of September. Although they are still down 7% compared to the previous year, this is the smallest decline since July 2022.

Some homeowners may be seizing the opportunity to capitalize on rising home prices and low inventory by listing their properties. They recognize that being one of the only homes for sale in their neighborhood could work to their advantage in this competitive market.

The Role of the Federal Reserve

The Federal Reserve has a significant impact on the housing market. While they decided against an interest rate hike at their recent meeting, they also signaled that interest rates will likely remain higher than anticipated into 2024 and 2025. This suggests that borrowing costs and mortgage rates will likely stay elevated for an extended period. For buyers waiting for housing costs to come down, this news may prompt them to consider entering the market sooner rather than later.

Tips for Navigating the Housing Market

  • Monitor Mortgage Rates: Keep a close eye on mortgage rates, which are crucial in determining affordability. When rates drop, it may be a more suitable time to buy.
  • Stay Informed: Continuously educate yourself about the local housing market conditions, as they can vary significantly from one area to another.
  • Flexible Timing: Be flexible with your timing if possible. If you're a buyer, consider being patient and waiting for more favorable market conditions. Sellers should assess whether now is the right time to list their homes based on local market trends.
  • Budget Wisely: Ensure your finances are in order, and set a realistic budget that you can comfortably manage in the current market.


While affordability remains a concern, there are signs of increased inventory and opportunities for those willing to navigate the market strategically. To stay ahead in this dynamic environment, it's essential to stay informed and consider expert advice when making real estate decisions. If you have questions or need assistance in navigating the housing market, please don't hesitate to reach out. Let's connect to discuss your unique situation and explore how you can achieve your real estate goals in this evolving landscape.




Dana Anderson. (September 22, 2023). Housing Market Update: Pending Home Sales Drop 13% Year Over Year As Mortgage Rates Stay Stubbornly High. Source

Recent Blog Posts

Stay up to date on the latest real estate trends.


Converted Churches, Barns, and Factories: Unconventional Home Conversions

Lisa Mailhot  |  November 30, 2023

Experience Unique Living: Converted Churches, Barns, and Factories Turned Homes. Discover the charm of unconventional conversions with history, character, and modern c… Read more


Unveiling the Hidden Gems of Orange County: 10 Intriguing Trivia Facts

Lisa Mailhot  |  November 28, 2023

Delve into the secrets of Orange County, California, with our blog featuring captivating trivia facts. Whether you're a potential buyer, seller, or a curious tourist, … Read more


Orange County Real Estate in 2023: Market Trends and Insights

Lisa Mailhot  |  November 27, 2023

Uncover 2023 Orange County Housing Market Trends: Delve into median sold prices, sales metrics, and market dynamics to understand if it's a buyer's or seller's market.… Read more


Last-Minute Gifts for the Home: Thoughtful Ideas for Stress-Free Holiday Giving

Lisa Mailhot  |  November 22, 2023

Stuck in a last-minute gift scramble? Discover seven low-stress, last-minute gift ideas that'll delight your loved ones and elevate their home experience. From cozy th… Read more


Unlocking Opportunities: Lower Mortgage Rejection Rates Point to a Brighter Real Estate Horizon

Lisa Mailhot  |  November 21, 2023

Explore the changing real estate landscape influenced by declining mortgage rejection rates. Discover the opportune moment for buying or selling your home while improv… Read more


Dealing with Problematic Neighbors When Selling Your Home

Lisa Mailhot  |  November 20, 2023

 Selling your home with challenging neighbors? Learn how to handle noisy, disrespectful, or problematic neighbors effectively. Follow these tips to ease the selling pr… Read more


Orange County Real Estate Trends: November 2023 Market Insights

Lisa Mailhot  |  November 16, 2023

Get the latest insights into the Orange County real estate market. Discover trends, notable closings, and the impact of the holiday season on inventory. Stay informed … Read more


FHFA Sets 2024 Multifamily Loan Purchase Caps: What Realtors Need to Know

Lisa Mailhot  |  November 15, 2023

Stay informed on FHFA's 2024 multifamily loan purchase caps, totaling $140 billion for Fannie Mae and Freddie Mac. Explore the impact on the multifamily market and its… Read more


Navigating Today's Housing Market: The Rise of 'Nepo-Homebuyers

Lisa Mailhot  |  November 14, 2023

Learn about the rise of alternative lenders, such as parents, as a solution to the affordability challenge in today's real estate market. Explore available options for… Read more

Let’s Talk

You’ve got questions and we can’t wait to answer them.